A person may apply to incorporate a savings bank for the purpose of:
- (1) purchasing the assets, assuming the liabilities other than liability to shareholders, and continuing the business of a financial institution the commissioner considers to be in an unsafe condition;
- (2) acquiring an existing financial institution by merger; or
- (3) facilitating a reorganization or merger with or into a savings bank under rules adopted by the finance commission.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.04, eff. September 1, 2005.